Summa Silver Commences Drilling Across the Eastern Extension of the Prolific Tonopah Mining District, Nevada
Summa Silver Corp. (SSVR) has initiated exploration drilling at the Hughes Project in Tonopah, Nevada. The program includes up to 7,000 meters of combined reverse circulation and diamond drilling, focusing on the Ruby and Sapphire discoveries located 1.3 to 4.2 km east of the Tonopah Mining District.
Previous drilling at Ruby yielded significant results, including 1,450 g/t silver equivalent over 3.0m in SUM23-59. The company is fully funded for this program following a recent $6.5M financing. The drilling aims to test mineralization extension and continuity with holes spaced approximately 85m apart along the projected Ruby vein-system.
Additionally, the company reported that during the quarter ended November 30, 2024, it issued 501,500 Common Shares at an average price of $0.4184 through its ATM program, generating gross proceeds of $212,924.85.
Summa Silver Corp. (SSVR) ha avviato la perforazione esplorativa presso il Progetto Hughes a Tonopah, Nevada. Il programma prevede fino a 7.000 metri di perforazione combinata a circolazione inversa e diamantata, concentrandosi sulle scoperte Ruby e Sapphire situate a 1,3-4,2 km a est del Distretto Minerario di Tonopah.
Le precedenti perforazioni a Ruby hanno prodotto risultati significativi, inclusi 1.450 g/t di equivalente argento su 3,0m in SUM23-59. L'azienda è completamente finanziata per questo programma a seguito di un recente finanziamento di 6,5 milioni di dollari. La perforazione mira a testare l'estensione e la continuità della mineralizzazione con fori distanziati di circa 85m lungo il sistema di vene Ruby previsto.
Inoltre, la società ha riferito che durante il trimestre conclusosi il 30 novembre 2024, ha emesso 501.500 Azioni Ordinarie a un prezzo medio di 0,4184 dollari tramite il suo programma ATM, generando proventi lordi di 212.924,85 dollari.
Summa Silver Corp. (SSVR) ha iniciado la perforación exploratoria en el Proyecto Hughes en Tonopah, Nevada. El programa incluye hasta 7,000 metros de perforación combinada de circulación inversa y de diamante, centrándose en los descubrimientos Ruby y Sapphire ubicados a 1.3 a 4.2 km al este del Distrito Minero de Tonopah.
Las perforaciones anteriores en Ruby dieron resultados significativos, incluyendo 1,450 g/t de equivalente en plata sobre 3.0m en SUM23-59. La compañía está completamente financiada para este programa tras un reciente financiamiento de $6.5M. La perforación tiene como objetivo probar la extensión y continuidad de la mineralización con agujeros espaciados a aproximadamente 85m a lo largo del sistema de vetas Ruby proyectado.
Además, la empresa informó que durante el trimestre que terminó el 30 de noviembre de 2024, emitió 501,500 Acciones Comunes a un precio promedio de $0.4184 a través de su programa ATM, generando ingresos brutos de $212,924.85.
Summa Silver Corp. (SSVR)는 네바다주 토노파에 있는 휴즈 프로젝트에서 탐사 드릴링을 시작했습니다. 이 프로그램은 7,000미터의 순환식 및 다이아몬드 드릴링을 포함하며, 토노파 광산 지역의 동쪽에 위치한 루비와 사파이어 발견에 초점을 맞추고 있습니다.
루비에서의 이전 드릴링은 1,450 g/t의 은 equivalente를 3.0m에서 산출한 이래, 중요한 결과를 가져왔습니다. 이 회사는 최근 650만 달러의 자금 조달 이후 이 프로그램에 완전히 자금을 지원받고 있습니다. 드릴링의 목적은 약 85m 간격으로 배치된 구멍을 통해 루비 vein-system의 광물화 연장성과 연속성을 테스트하는 것입니다.
또한, 이 회사는 2024년 11월 30일에 종료된 분기 동안 평균 가격 $0.4184로 501,500주 일반 주식을 발행하여 총 수익이 $212,924.85를 생성했다고 보고했습니다.
Summa Silver Corp. (SSVR) a lancé des forages d'exploration au projet Hughes à Tonopah, Nevada. Le programme comprend jusqu'à 7 000 mètres de forage combiné à circulation inverse et diamant, se concentrant sur les découvertes Ruby et Sapphire situées à 1,3 à 4,2 km à l'est du district minier de Tonopah.
Les forages antérieurs à Ruby ont donné des résultats significatifs, y compris 1 450 g/t d'équivalent argent sur 3,0m dans SUM23-59. La société est entièrement financée pour ce programme à la suite d'un récent financement de 6,5 millions de dollars. Les forages visent à tester l'extension de la minéralisation et sa continuité avec des trous espacés d'environ 85m le long du système de veines Ruby projeté.
De plus, la société a rapporté que pendant le trimestre se terminant le 30 novembre 2024, elle a émis 501 500 actions ordinaires à un prix moyen de 0,4184 dollars par le biais de son programme ATM, générant des produits bruts de 212 924,85 dollars.
Summa Silver Corp. (SSVR) hat mit der Explorationsbohrung im Hughes-Projekt in Tonopah, Nevada, begonnen. Das Programm umfasst bis zu 7.000 Meter kombinierte Umkehrriegel- und Diamantbohrungen, wobei der Schwerpunkt auf den Ruby- und Sapphire-Entdeckungen liegt, die 1,3 bis 4,2 km östlich des Tonopah-Bergbaugebiets liegen.
Frühere Bohrungen bei Ruby ergaben signifikante Ergebnisse, darunter 1.450 g/t Silberäquivalent über 3,0m in SUM23-59. Das Unternehmen ist vollständig für dieses Programm finanziert, nachdem es kürzlich 6,5 Millionen Dollar finanziert hat. Die Bohrungen zielen darauf ab, die Ausdehnung und Kontinuität der Mineralisierung mithilfe von Löchern zu testen, die ungefähr 85 m voneinander entfernt entlang des prognostizierten Ruby-Vensystems angeordnet sind.
Zusätzlich berichtete das Unternehmen, dass es im Zeitraum zum 30. November 2024 insgesamt 501.500 Stammaktien zu einem Durchschnittspreis von 0,4184 Dollar über sein ATM-Programm ausgegeben hat, was einen Bruttoerlös von 212.924,85 Dollar generiert hat.
- High-grade mineralization discovered in previous drilling with up to 1,450 g/t silver equivalent
- Fully funded program with recent $6.5M financing secured
- Strategic location near second largest historic silver producer in Nevada
- Successfully raised additional $212,924.85 through ATM program
- None.
Drilling is focused on evaluating the scale and continuity of significant silver-gold mineralization at the Ruby discovery
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE:48X) ("Summa" or the "Company") is pleased to announce that exploration drilling has commenced at the Hughes Project, Tonopah, Nevada (the "Hughes Project"). Drilling is designed to test the highly-prospective eastern extension of the Tonopah Mining district starting at the significant Ruby discovery.
Key Highlights:
Drilling has commenced: A reverse-circulation ("RC") rig is on-site at the Ruby target and currently advancing the first pre-collar hole of the program. A core rig is expected to arrive on site shortly and will complete each hole through the prospective target zones.
Extension of the Tonopah District: Up to 7,000 m of drilling is planned between the Ruby and Sapphire discoveries located 1.3 to 4.2 km east of the edge of the Tonopah Mining District, the second largest historic silver producer in the State of Nevada (see attached figures).
Chasing New Veins: Drilling is starting at the Ruby discovery with a series of step-out holes from high-grade mineralization discovered in previous drill programs, including:
1,450 g/t silver equivalent* (8.41 g/t Au, 813 g/t Ag) over 3.0 m in SUM23-59
430 g/t silver equivalent* (2.47 g/t Au, 243 g/t Ag) over 2.0 m in SUM20-10
392 g/t silver equivalent* (3.04 g/t Au, 147 g/t Ag) over 3.0 m in SUM23-60
Establishing Scale: Holes will test the extent and continuity of high-grade mineralization across at least 600 m eastward from Ruby.
Fully Funded: The company is fully funded for this planned drill program having recently closed a
$6.5M financing.
*Silver equivalent is calculated using US
Galen McNamara, CEO, stated: "We have been looking forward to returning to drilling at the Hughes Project for some time. All the targets we are testing are highly prospective and represent some of the best in Nevada in our opinion. In addition, we already know there is significant mineralization at Ruby and in the immediate area which represents the eastern extension of the prolific Tonopah Mining District. We will now step out around known zones of mineralization and begin to define the footprints of these new zones."
Figure 1: Hughes Project Drill Targets
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Figure 2: Hughes Project Long Section
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The Drill Program
The program will consist of up to 7,000 m of combined reverse circulation and diamond drilling (RC pre-collars with diamond tails) at the high-grade Ruby discovery and east towards the Sapphire discovery (see the Company's press release dated November 7th, 2024, Figure 1).
The Ruby discovery is centered on the Ruby vein system, located 1.3 km east of the Belmont Mine (Figure 1). The discovery hole, SUM20-10, intersected zones of strong, epithermal-related silver-gold mineralization (430 g/t silver equivalent* (2.47 g/t Au and 243 g/t Ag) over 2 m, see the Company's press release dated December 17, 2020). Follow-up exploration drilling, targeting proximal geophysical anomalies to the east, intersected similar styles of mineralization including 1,450 g/t silver equivalent* (8.41 g/t Au, 813 g/t Ag) over 3.0 m in SUM23-59 (see the Company's press release dated August 2, 2023) and 392 g/t silver equivalent* (3.04 g/t Au, 147 g/t Ag) over 3.0 m in SUM23-60 (see the Company's press release dated December 7, 2023). The intercept in SUM23-60, a 600 m eastern step out from the Ruby vein system, is within a 500 m interval of strong and locally pervasive hydrothermal alteration demonstrating the strong prospectivity to the east.
The program consists of a series of step-out holes from SUM23-59. Holes with pierce-points on approximately 85 m centres along the projected Ruby vein-system are designed to test for mineralization extension and continuity (Figure 2). Additional holes at Ruby will include a 250 m step-out between holes SUM23-59 and SUM23-60 (an untested strike-length of ~500 m) as well as a fence of holes through the projected Ruby vein system at a position to be guided by early results of the program (Figure 2).
ATM Program
In addition, the Company announces today a quarterly update with respect to its previously announced "at-the-market" equity program launched on October 4, 2024. During the quarterly period ended November 30, 2024, the Company issued a total of 501,500 Common Shares on the TSX Venture Exchange at an average price of
Corporate Update
Further to its news releases dated November 1, 2024 and November 7, 2024, with respect to the closing of a brokered private placement of units for gross proceeds of
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.
About Summa Silver Corp
Summa Silver Corp is a junior mineral exploration company. The Company owns a
Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/
Website: https://www.summasilver.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com
Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary note regarding forward-looking statements
This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: exploration and development of the Company's mineral exploration projects including completion of surveys and drilling activities; the release of assays.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; the ongoing conflict in Ukraine; and other related risks and uncertainties disclosed in the Company's public disclosure documents.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232404
FAQ
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